Tax on fd int.
rajneesh (lecturer,commerce) (59 Points)
25 March 2022
is there any penalty on paying tax on fd interest of f.y 2021-22 at the time of filling of I.T return on 31st july?
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 25 March 2022
CA Puja Sharma
(Chartered Accountant)
(4972 Points)
Replied 25 March 2022
Yes, if your estimated tax liability from FD income is more than Rs. 10,000 for AY 2022-23 then you are liable to pay advance tax. Interest u/s 234B/C will pay for late payment of taxes at the time of return filing.
Divyam Agarwal
(Practicing Chartered Accountant)
(959 Points)
Replied 26 March 2022
sabyasachi mukherjee
(27167 Points)
Replied 27 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 27 March 2022
JJJ
(Need help)
(673 Points)
Replied 27 March 2022
Aren't the FD wallahs supposed to deduct TDS anyway?
Besides there's no separate category for interest when it comes to advance tax. So all income (other than capital gains) needs to be included when calculating. And they will ask for interest if not done.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 28 March 2022
JJJ
(Need help)
(673 Points)
Replied 28 March 2022
| Originally posted by : sabyasachi mukherjee | ||
 |
Generally tax is not applicable on fd interest if there is sufficient cushion. |  |
That makes no sense.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 28 March 2022
CAclubindia
